Attachment G to Supts Memo #135-16
May 20, 2016
SAMPLE REIMBURSEMENT RESOLUTION
RESOLUTION NO. ______
RESOLUTION OF THE [NAME OF GOVERNING SCHOOL BOARD] OF [NAME OF LOCAL SCHOOL DIVISION] DECLARING ITS INTENTION TO REIMBURSE ITSELF FROM THE PROCEEEDS OF ONE OR MORE GRANTS MADE BY THE COMMONWEALTH OF VIRGINIA FOR CERTAIN EXPENDITURES MADE AND/OR TO BE MADE IN CONNECTION WITH CERTAIN CAPITAL IMPROVEMENTS
WHEREAS, [NAME OF LOCAL SCHOOL DIVISION] (the “Division”) is a political subdivision organized and existing under the laws of the Commonwealth of Virginia; and
WHEREAS, the Division [has paid, beginning no earlier than {DATE THAT IS NO MORE THAN 60 DAYS PRIOR TO ADOPTION OF RESOLUTION} and] will pay, on and after the date hereof, certain expenditures (the “Expenditures”) in connection with the capital project (the “Project”), as more fully described in Appendix A attached hereto; and
WHEREAS, the [NAME OF GOVERNING SCHOOL BOARD] of the Division (the “Board”) has determined that the money [previously advanced no more than 60 days prior to the date hereof and] to be advanced on and after the date hereof to pay the Expenditures are available only for a temporary period and it is necessary to reimburse the Division for the Expenditures from the proceeds of one or more grants to be made by the Commonwealth of Virginia (the “Grants”) from the proceeds of its tax exempt equipment notes (the “Notes”).
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD AS FOLLOWS:
Section 1. The Board hereby declares the Division’s intent to reimburse the Division with the proceeds of the Grants for the Expenditures with respect to the Project made on and after [{DATE THAT IS NO MORE THAN 60 DAYS PRIOR TO ADOPTION OF RESOLUTION}, which date is no more than 60 days prior to] the date hereof. The Division reasonably expects on the date hereof that it will reimburse the Expenditures with the proceeds of the Grants.
Section 2. Each Expenditure [was and] will be of a type properly chargeable to capital account under general federal income tax principles (determined in each case as of the date of the Expenditure).
Section 3. The maximum cost of the Project is expected to be $______
Section 4. The Division will make a reimbursement allocation, which is a written allocation by the Division that evidences the Division’s use of proceeds of the Grants to reimburse an Expenditure, no later than 18 months after the later of the date on which the Expenditure is paid or the Project is placed in service or abandoned, but in no event more than three years after the date on which the Expenditure is paid. The Division recognizes that exceptions are available for certain “preliminary expenditures,” costs of issuance, certain de minimis amounts, expenditures by “small issuers” (based on the year of issuance and not the year of expenditure) and expenditures for construction projects of at least 5 years.
Section 5. This resolution shall take effect immediately upon its passage.
PASSED AND ADOPTED this ______day of ______, 201__
______
(Name)
(Title)
Attested to:
______
(Name)
(Title)
Attachment G to Supts Memo #135-16
May 20, 2016
DESCRIPTION OF PROJECT
Check the Applicable Box(es):
(1) Classroom Multimedia Network Computers - requests in this category include only the cost of the new computer system itself (e.g., monitor, CPU, keyboard, mouse, operating system software). Additional software or peripherals such as printers or modems should not be included in this category.
(2) Internet-Ready Local Area Network (LAN) Capability – requests in this category include costs related to networking, retrofitting, upgrading of school buildings, and operating software related to Internet-ready local area network capability (e.g., wiring, servers, power upgrade, etc.).
(3) Assure adequate high-speed, high-bandwidth capability – requests in this category include costs related to networking, retrofitting, upgrading of school buildings, and operating software related to access the Internet (e.g., wiring, servers, power upgrade, etc.).
(4) Instructional Software - requests in this category shall not exceed 1/13th of the amount spent on Classroom Multimedia Network Computers (see A1). Software purchased must have a useful life of at least one year and be included in the division’s approved technology plan.
(5) Handheld Devices- requests in this category include handheld multi-functional computing devices that support a broad range of applications and that are controlled by operating systems providing full multimedia support and mobile Internet.